Which Version for both a sole proprietorship and a multi-member LLC?

[simplitia]

HI, 

I live in CA.  Last year we started 2 businesses.  One with a simple sole proprietorship and another with a multi-member LLC, both filed in CA.  Question is which version of turbotax should I get and would I be able to purchase just one and filed for both businesses?  

thanks! 

A 

[ColeenD3]

Unfortunately, no. A multi-member LLC is by default taxed as a Partnership. If you need to prepare a Form 1065 for a multi-member LLC, you will need TurboTax Business. 

Your sole proprietorship will file a Schedule C. You can choose either the Home and Business (desktop) or the Self-Employed (online) programs. Either will also handle the Forms K-1 that your partnership issues.

[simplitia]

thanks, for the Home and Business will I also be able to use that file my income tax at the same time? 

[ColeenD3]

Yes, Home and Business handles every personal aspect on Form 1040 and its supporting schedules.

[simplitia]

Thanks! One more clarification.  So the for the multi-member LLC I would need the business edition which will then help generate a K1 for each of the members correct which they would then file in the tax return seperately.  However, for the business entity, do I need to submit anything else to IRS or is the the entire purpose of the TT to just calculate the K1 for each member.  

[ColeenD3]

No, you need to file a tax return, Form 1065 Partnership Return.

Form 1065